Fixed Income B C

Darren V. Payne

**** ********** ******, ***. ****

Burnaby, B.C. V3N 3X5

Mobile:604-***-****

E-Mail: *********@*****.***

PROFILE:

Investment industry professional with background in trading, research and sales in start- up and corporate environments. A consistent track record of fund management and trading results in both Canadian and U.S. markets. Demonstrated expertise in developing innovative trading strategies, modeling and analytics and profitability models over the past twenty-plus years.

EXPERIENCE:

Merrill Lynch

Head of Canadian Rates Strategy/VP Rates Trading/Proprietary Trader 2002 - 2008

Designed, built and managed Merrill Lynch Canada's debt, swap, commodity and multiple additional databases, now the most extensive in the Canadian market. Conceived and helped develop MAPS, Merrill Lynch's on line analytical and data system, originally Canadian and some US information now grown to include most global regions with hundreds of high tech analytical applications available to ML globally and to select clients.

Write and distribute trading and strategy for Merrill global sales and clients covering all aspects of fixed income, primarily focused at top tier domestic clients and International hedge funds covering everything from auction strategy and relative value to swap, maple bond and cross currency transactions.

Coordinate and provide analytics, and relative value and trade ideas to all areas of fixed income including rates, credit and swap trading, debt capital markets, origination, structured products and both foreign and domestic sales. Regularly discuss strategy with clients, sales, and issuers as our Canadian market expert and participate in several International road trips to promote Canada to clients and sales.

Trade a consistently profitable proprietary portfolio diversified in strategy and product including all North American cash, credit, derivative, and currency opportunities.

- 2 -

Phoenix Research and Trading Corporation

Principal and Portfolio Manager 1995-2000

Private investment management start-up that grew from 10 to 24 employees and

$10MM to $200MM in assets over 2 years.

Managed Canada's largest and most active leveraged fund, trading approximately C$130B per year in Canadian Government, Provincial Government, U.S. Treasury and Agency and Aussie Government securities and swaps. Managed Phoenix's

$C funding book which transacts approximately C$250B annually.

Developed relationships with Canadian and foreign banks, investment dealers, and major pension and endowment funds in the U.S., Europe and Canada. Participated in sales presentations and business development meetings, as a trading expert.

Top-ranked fund manager for the period ended January 1999 on Bernheim hedge fund index, an internationally-recognized European fund manager.

Developed and implemented trading strategies with high rate-of-return at low risk. Excellent practical knowledge of fixed income analytics.

Designed, customized and operated a range of financial models to project/evaluate profitability of various market scenarios and lines of business.

Designed and wrote computer spreadsheet systems to track P&L and pricing on several types of transactions, products, and securities. Nesbitt Burns Inc.

Director, Prime Research and Trading 1987-1995

Developed and conducted market neutral client asset management and proprietary trading for Nesbitt Burns.

Developed strategy, pricing, profit and loss and risk systems.

Participated in fundraising and relationship management. Director, Liability Management

Worked, in association with corporate and government finance, with numerous large debt issuers on optimal debt structure, management of outstanding debt and new issue structures.

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Fixed Income Department -Sales and Trading

Fixed Income Department - Quantitative Analysis

PROFESSIONAL DEVELOPMENT:

Honours, BBA Finance - Simon Fraser University, 1987

BSc., Biochemistry - University of British Columbia, 1983

Portfolio Manager/Investment Counselor, Fixed Income, Equities and Derivatives, 1995

CSI Partners, Directors and Officers exam, 1993, 2003

CSI Registered Representative, Canadian Securities, and Futures and Options exams

INTERESTS:

Various sports including cycling and golf

Other interests: boating, cooking

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